Fairness opinions may very well be the next frontier of business valuation—unless BV professionals are eclipsed by investment bankers. Case in point: Back in February, Jeffrey Williams, a former Morgan Stanley dealmaker, vowed to transform his investment banking boutique into a full-time, independent valuation outfit by the end of the year.

Williams is ahead of schedule; his new company web site (www.williamsnyc.com) currently boasts “objective, conflict-free valuation services” from principals who have “honed their valuation skills focusing on mergers and acquisitions at some of Wall Street’s most respected firms.” Yet neither of the two principals lists any valuation-specific accreditation in their lengthy resumes. And though they have apparently testified as expert witnesses, their biggest appearances may be in the news, as frequent sources for commentary in CFO.com articles.